Daily Star logoBusiness
Bacolod City, PhilippinesFriday, March 16, 2012
Front Page
Negros Oriental
Star Business
Opinion
Sports
Police Beat
Star Life
People & Events
Eguide
Events
Schedules
Obituaries
Congratulations
Classified Ads
 
Peso, stocks down

MANILA – The Philippine peso closed at P43 level against the US dollar yesterday while profit–taking reigned in the local stocks market.

The local unit lost P0.13 against the dollar after it closed to its seven-week low of P43.01. Its previous finish level stood at P42.88.

It started the day at P43.07 but strengthened to P42.92. It, however, dipped to as low as P43.17 resulting to an average of P42.06, down from Wednesday’s P42.73.

Total volume of trade reached $1.16 billion, down from day-ago’s $1.23 billion.

Traders attributed the local unit’s dip to the improvement of US’ retails sale, which expanded to a five-month high last February.

Relatively, investors cashed in on gains in the past days resulting to the drop in local stocks yesterday.

The main index, the Philippine Stock Exchange index, was down to 5,031.78 points after a change of 19.21 points or 0.3803 percent.

The all shares index was also on the red at 3,376.91 points after a 0.3417 percent change equivalent to 11.58 points.

On the other hand, both the financials and holding firms registered positive performances for the day.

The financials index went up by 4.46 points or 0.3525 percent to 1,269.71 points.

Also, the holding firms index rose by 26.80 points or 0.8962 percent to 4,143.24 points.

However, the industrial, property, services, and mining and oil indices were all down.

The industrial index ended the day at 7,581.04 points after a change of 66.56 points or 0.8703 percent.

The property index closed Thursday’s trading with 1,843.16 points, a change of 33.61 points or 1.7908 percent.

A change of 17.72 points or 1.011 percent resulted to the drop of the services index to 1,735.08 points.

Also, the 470.61 points or 1.8505 percent contraction in the mining and oil index brought it to 24,960.23 points.

Losers surpassed gainers at 116 to 62 while 33 were unchanged.

This as 5.79 billion shares changed hands resulting to a value turn-over of P8.03 billion.

Astro del Castillo, First Grade Holdings Inc. Managing Director, said Thursday’s profit taking was normal after the domestic bourse reached another record high this week.

“There was no moving news on the domestic front so investors opted to profit take,” he said.

He does not see a major change in the local stocks Friday unless there is a news from the domestic front that can encourage investors to bring in more capital.

“Again we’ll look at the overseas market for direction,” he added.*PNA

 

back to top

Business
ButtonOverseas remittances exceed full year growth forecast: BSP
ButtonPESO Bacolod, Iloilo gov’t share best practices to help jobseekers
ButtonCapitol needs 150-hectare property

ButtonPeso, stocks down
Button
Anti-text scam notice out anew